IQ

HFND Unlimited HFND Multi-Strategy Return Tracker ETF

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$23.57
+0.3% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, HFND returned 3.2%. When the S&P 500 fell, it fell 76% as much.

Why did HFND return +28.8% from Oct 2022 to Oct 2026, against AGG’s +18.8%?Is a 1.07% fee low for a fund like HFND?What does HFND cost to hold and to trade?
Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group returnUnlimited ↗Expense ratio 1.07%Fund assets $39m net assets, latest filing (Aug 31, 2026)First traded Oct 11, 2022Benchmark AGGSEC filings ↗Every Unlimited fund ETFIQ coversDividend history

Promise check: Not measuredIts strategy, multistrategy, states no objective ETFIQ can measure.

Compare with…Trading costsPut to the committeeaskIQ about HFNDAdd to portfolioAlerts

HFND risk and return scorecard

vs AGG, its stated benchmark (secondary) · Oct 2022 to Oct 2026 · 210 weekly returns · dividend-adjusted

4.0 years
HFND +28.8%, AGG +18.8%, Oct 2022 to Oct 2026, distributions reinvested.

Secondary: AGG tracks the Bloomberg U.S. Aggregate Bond Index, named in its shareholder report. Its own benchmark is its holdings, which have no weekly prices.

Return
MeasureHFNDAGGEdge
Total return+28.8%+18.8%HFND
Annualized+6.5%+4.4%HFND
Price return+16.1%+2.8%HFND
Risk
MeasureHFNDAGGEdge
Volatility8.1%5.6%AGG
Max drawdown−10.5%−6.9%AGG
Upside capture63.1%100.0%AGG
Downside capture46.9%100.0%HFND
Risk-adjusted
MeasureHFNDAGGEdge
Sharpe ratio0.25−0.03HFND
Sortino ratio0.33−0.04HFND
Alpha vs AGG
MeasureHFNDAGGEdge
Alpha, a year+2.1%Not significant
Alpha t-stat0.53
Beta to AGG0.351.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

What you earned

HFND −2.4%: total return over one month to Nov 4, 2026.
HFND−2.4%
HFND −4.2%: total return over three months to Nov 4, 2026.
HFND−4.2%
HFND −3.6%: total return over six months to Nov 4, 2026.
HFND−3.6%
HFND +4.5%: total return over the year to Nov 4, 2026.
HFND+4.5%
HFND +3.2%: total return over one year to Nov 4, 2026.
HFND+3.2%
HFND +27.8%: total return over three years to Nov 4, 2026.
HFND+27.8%
HFND +30.8%: total return since launch to Nov 4, 2026.
HFND+30.8%
askIQ: what drove HFND’s returns? ↗

How concentrated, and what does it cost?

+0.82
Correlation with the S&P 500
Report
+0.58
Beta to the S&P 500
Report
76.4%
Down-week capture
Report
−0.1 pts
Against T-bills, 52 weeks
Report
4.8%
12-month yield, capital gains included, on its starting price
Report
$1.1454
Last payment (paid annually), ex-date Dec 24, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 1.07% fee low for a fund like HFND? ↗

More on HFND

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Price and total return, 1 year

$23.57+0.3%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

HFND returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 5 – Nov 4, 2026−2.4%−1.0%
3M Aug 5 – Nov 4, 2026−4.2%−0.1%
6M May 6 – Nov 4, 2026−3.6%+5.0%
YTD Dec 31, 2025 – Nov 4, 2026+4.5%+13.3%
1Y Nov 4, 2025 – Nov 4, 2026+3.2%+14.8%
3Y Nov 3, 2023 – Nov 4, 2026+27.8%+82.9%
Since launch Oct 11, 2022 – Nov 4, 2026+30.8%+125.8%
Since launch, annualised Oct 11, 2022 – Nov 4, 2026+6.8%–

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell 76% as much as the S&P 500
Fell 76% as much as the S&P 500HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.SPY−1.07%HFND−0.82%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 76% as much as the S&P 500HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.SPY−1.07%HFND−0.82%Average week when SPY fell

HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.

HFND key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$24.75 on Aug 14, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$22.54 on Jan 2, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$23.57, 47% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 13, 2025
Trading · HFNDas of Nov 13, 2025
·
Not scored1 of 6 measured · Nov 13, 2025
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

HFND for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
HFND interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

HFND is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

About HFND

IssuerUnlimited
Strategy (ETFIQ, from its prospectus)Multi-strategy
Expense ratio (485BPOS XBRL, Dec 23, 2025)1.07%Report
Net assets (SEC N-PORT, whole fund, as filed for Aug 31, 2026)$39mReport
Stated benchmark (secondary)Bloomberg U.S. Aggregate Bond Index (from its shareholder report), priced by AGG
HFND, 1 year to Nov 4, 2026 (secondary)+3.2%
AGG, the same days (secondary)+0.2%
Against its stated benchmark, 1 year (secondary)+3.0 pts
Daily R-squared against AGG, 1 year to Nov 4, 2026 (secondary)0.14
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
HFND in those weeks, on average−0.82%
HFND total return over those weeks+3.6%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; HFND −2.9%
Weekly correlation with the S&P 500+0.82, 52 weeks to Nov 4, 2026
First tradedOct 11, 2022
Days traded1,021
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on HFND

12 seats on HFND, as of Nov 4, 2026: 1 Mixed, 2 Challenges, 8 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatNot enough data
Put HFND to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about HFND

Does HFND move with the S&P 500?
Over the year to Nov 4, 2026, HFND’s weekly returns had a correlation of +0.82 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.58, so for each 1% the index moved it moved about 0.58% the same way.
What did HFND do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks HFND fell 0.82% on average, a down-week capture of 76.4%.
Did HFND earn more than cash?
Over the same 52 weeks HFND returned +3.6% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. HFND finished 0.1 percentage points behind it.
What does HFND cost?
The prospectus expense ratio is 1.07% a year.
Why is HFND listed as multi-strategy?
ETFIQ files each fund by what its own prospectus says it does, and HFND’s, filed Dec 23, 2025, describes a multi-strategy fund.
Sources and dates
Prices, HFND and S&P 500 (SPY)Prices, Tiingo end of day ↗
Fee, 1.07%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $39mSEC N-PORT, whole fund · Aug 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerUnlimited website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, HFND, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/hfnd

The down-week bars for HFND, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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HFND: HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/hfnd/" title="HFND: HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">HFND: HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%. Data: <a href="https://etfiq.com/funds/hfnd">ETFIQ</a></figcaption>
</figure>

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